Stocks Daily Discussion

[ItsMeexD]

best oversold RSI 2 play for tomorrow: XLU. basically 8 consecutive days red. RSI 2 reading is 0.50.next in line is INTC, will be definitely scoping this tomorrow also.

[pftq]

Gotta run it through Tech Trader.  Both are flagged as sell-offs and not valid for RSI2 plays (it might still bounce but not due to RSI2).
I would look for overbought bounces to short instead in these market conditions.

[wd1040]

An hour in, we're sitting at a pretty LT resistance... already a new intraday low so momentum better carry through the rest of the day.

It's almost 8... does it mean I can quietly eat breakfast now?

[pftq]

Lots of new lower trendline breaks following new lows on SPY.
Watch the close to make sure the signals hold though.
Unfortunately too busy with midterms here to trade them.

[ItsMeexD]

FB continues its monster day

[pftq]

Shares are about to be unlocked though no?

[wd1040]

Which trading styles are you using? PFTQ's? SPX is weak on my charts and I'm going to start shorting it.

By the way, would anyone be against a short natural gas trade via options? There's an excellent reversal signal, but idk if it's going to be too costly, too illiquid, etc etc..

[pftq]

UNG options are very cheap and liquid if you want to trade those. But sure about the top though.

[pftq]

*not sure

[wd1040]

lol wow we bled 1.4% again today... Going short on UNG tomorrow morning on hammer, possibly an evening star. Will post chart after I get home...

[ItsMeexD]

hey guys we are officially oversold.

$NYMO McClellan Oscillator = -304.69.

-250 or below means oversold

remember oversold can get more oversold. does NOT mean to buy now, only means not to start NEW shorts. keep current shorts and trail

http://stockcharts.com/h-sc/ui?s=$NYMO&p=D&yr=2&mn=6&dy=0&id=p34453408654&a=260035163

[wd1040]

Post a pic of your charts... let me just see...

Yeah, the breakdown is in motion. On a LT chart, SPX target is at 1346 before confluence of 2 fibs. And oversold RSI.

Let's look for a reversal signal... but do remember that equities have been uncorrelated with anything else for the past month or so. I'm going to see if HA flattens out with Friday's assumed holiday rally start... looking for that dead and blue HA candle.

[pftq]

Remember holiday rally is just a statistic and 80% hitrate. Doesn't have to happen. Should only consider it if other indicators confirm it.

[wd1040]

hmm... so in the long run (months) we are still net bearish... selling rallies?

[wd1040]

This is for nat gas, playing candlesticks patterns only. Don't expected a sustained drop, just a break lower for tomorrow.  ach we don't have enough cash... anyone want to put in their opinion?